Stepan Company Reports Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2018; Provides CapEx and Tax Rate Guidance for the Year 2018
April 24, 2018 at 06:59 am EDT
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Stepan Company reported unaudited consolidated earnings results for first quarter ended March 31, 2018. For the quarter, the company's net sales were $499,335,000 against $466,269,000 a year ago. Operating income was $39,655,000 against $46,230,000 a year ago. Income before income taxes was $37,664,000 against $44,330,000 a year ago. Net income attributable to company was $30,723,000 against $31,913,000 a year ago. Net income per common share attributable to company was $1.31 against $1.37 a year ago. Adjusted net income was $32,030,000 against $31,700,000 a year ago. Adjusted diluted EPS was $1.37 against $1.36 a year ago. Net debt as on March 31, 2018 was $46.2 million. Capital spending was $27.4 million versus $20.4 million in the prior year quarter.
For the full year, capital spending to be between $105 million and $115 million. The company continue to expect the full year effective tax rate to be in the range of 20% to 23%.
Stepan Company is a producer and seller of specialty and intermediate chemicals that are used in a variety of end products. The Company operates through three segments: Surfactants, Polymers and Specialty Products. The Surfactants segment offers ingredients in consumer and industrial cleaning and disinfection products, such as detergents for washing clothes, dishes, carpets, floors and walls, as well as shampoos and body washes. Other applications include fabric softeners, germicidal quaternary compounds, disinfectants, lubricating ingredients, emulsifiers for spreading agricultural products and industrial applications. The Polymers segment includes polyurethane polyols, polyester resins and phthalic anhydride. Polyurethane polyols are used in the manufacture of rigid foam for thermal insulation in the construction industry. The Specialty products segment includes flavors, emulsifiers and solubilizers used in food, flavoring, nutritional supplement and pharmaceutical applications.
Stepan Company Reports Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2018; Provides CapEx and Tax Rate Guidance for the Year 2018